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FollowingOndo Finance 推出实物转换通道，允许机构通过 Alpaca 即时代币化网络铸造和赎回 Ondo Stocks
Ondo Finance 宣布推出一种实物转换（In-Kind Conversion）路径，允许经过批准的机构使用底层股票直接铸造和赎回 Ondo Stocks。该功能依托于 Alpaca 的即时代币化网络（Instant Tokenization Network, ITN），旨在优化传统金融资产与链上资产之间的交互流程。
核心机制与操作方式
目前，该转换服务已在以太坊（Ethereum）和 BNB Chain 上线。访问权限采取个案审批制，仅限获得 Alpaca 批准的机构参与。在使用此新路径之前，机构必须同时拥有活跃的 Ondo 账户和 Alpaca 账户。
具体操作流程如下：
- 铸造过程：获批机构将其 Alpaca 账户中的底层股票或交易所交易基金（ETF）通过内部记账转账至 Ondo 的 Alpaca 账户。随后，Ondo 在支持的区块链上发行相应的代币化头寸。
- 赎回过程：流程相反。当代币被赎回后，对应的底层股份将返还至机构的 Alpaca 账户。
Ondo 表示，这一集成消除了对每次单独转换进行手动审批的需求。公司指出，该功能使做市商能够在传统经纪账户和链上场所之间移动现有库存，而无需为每次代币铸造提供单独的现金资金。
降低融资需求与提升流动性
Ondo Finance 强调，利用现有股份进行转换可以减少机构的融资需求并改善二级市场的流动性。在此之前，即使机构已经持有底层股票，在使用 Ondo 的现金资助路线时，仍需准备额外的现金来铸造匹配的 Ondo Stocks 代币。新的实物转换模式允许获批参与者直接使用其已持有的股份，从而省去了额外的资金步骤。
公司称，这种模式有望减少做市商需要更多代币化库存时的融资成本和时机错配问题。Ondo 预期的结果是二级市场出现“更紧的价差和更深的流动性”，但公告中并未发布独立的价差研究数据或上市后的流动性指标。
合规性与美国监管环境
此次新增的机构转换通道并不改变普通 Ondo Stocks 持有者的通用条款。根据 Ondo 当前的产品文档，代币仅通过其平台向符合条件的非美国人士提供，美国客户无法获取。Ondo 明确表示，其代币化股票提供了对参考证券的经济敞口，但它们本身并非股票、ETF 或美国存托凭证（ADR），也不自动赋予持有人接收底层证券的权利。
Alpaca makes a similar distinction in its tokenization disclosures. Its instant tokenization network can create and destroy tokens for stocks held in brokerage accounts, while tokenization is performed by third parties. Alpaca pointed out that unless specific structures stipulate otherwise, tokenized assets typically only provide economic exposure to stocks and do not represent direct ownership of the underlying company.
In terms of U.S. regulation, this release follows a September 17 order from the U.S. Securities and Exchange Commission (SEC) that created a temporary, conditional exemption framework for certain tokenized securities venues. However, Ondo did not state that Alpaca's physical conversion services operate under the SEC's innovation exemption. Its main Ondo Stocks platform is still not open to Americans unless registered or other applicable exemptions.
Previously, Ondo submitted a No-Action Request seeking the SEC's confirmation of its model: Ethereum records interests in tokenized securities, while Alpaca's off-chain ledger serves as the official ledger. In addition, DTCC's Fund/SERV system has accepted Ondo subsidiary Oasis Pro Markets as its first tokenization platform member.
Market Data and Ecosystem Expansion
As of September 22, RWA.xyz data shows that the total value of distributed assets managed by the Ondo platform reached US$3.63 billion, covering 441 tracking products and 485,296 holder addresses, with a monthly transfer volume of US$1.58 billion. Of this, approximately US$2 billion in assets are located in Ethereum, US$407.1 million in BNB Chain, and US$300.6 million in Solana.
Ondo 自 2025 年 9 月推出以来，总锁定价值（TVL）已突破 10 亿美元大关，累计交易量超过 200 亿美元。随着生态的扩展，Ondo 的代币化资产已接入 Hyperliquid、MetaMask 等多个主流 DeFi 协议和钱包平台。
对于新的 Alpaca 转换路线，Ondo 尚未公布单独的费率表、最小转换规模或 Solana 网络的激活时间表。有意使用该服务的机构需完成两家公司的相应入职流程并申请激活。
